Five held in Rs63bn Petroleum products scam

KARACHI: The National Accountability Bureau (NAB-Karachi), has arrested five accused in Petroleum products sale purchase scam of Rs 63 billion.

A press release of NAB issued here on Saturday said accused namely Akhter Zameer, former General Manager (Supply) PSOCL, Kamran Iftikhar Lari, former Chief Operating Officer of Byco Pakistan Petroleum Ltd (BPPL), Qaiser Jamal, former President Refineries, Byco Pakistan Petroleum Ltd (BPPL), Syed Zulfiqar Ali Jaffery, former General Manager (Retail, Consumer Business) PSO and CEO Jinn Petroleum,  and Dr Syed Nazar A. Zaidi, former Senior General Manager (Marketing) PSO, were arrested from Karachi and other parts of the country.

The accused in connivance with each other awarded illegal contract of crude oil supply worth Rs 2.43 billion to Byco Pakistan Petroleum Ltd in 2008-09, against which no payment was received.

Three agreements were entered into by PSO with mala-fide and illegal considerations of extending favors to blue eyed companies in petroleum business and with intention of personal illegal gains. The entire scam caused loss to the national exchequer to the tune of Rs 63.687 billion.